Delhivery files for IPO🚚

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Delhivery files for Rs 7,460-crore IPO

Delhivery filed its draft IPO papers with the markets regulator earlier today, joining a growing list of top-tier startups that have filed for IPOs after Zomato’s stellar listing in July.

The new-age logistics company plans to raise Rs 7,460 from its IPO, including Rs 5,000 crore through fresh shares and the remaining through an offer for sale (OFS), in which Carylye, SoftBank and Times Internet others will dilute their holdings.

Rise & Shine | Delhivery

Delhivery reported consolidated revenue of Rs 4,644.38 crore and a loss of Rs 595.3 crore in FY21. These numbers include income from its subsidiary Spoton Logistics, which it acquired for $300 million in August.

According to its DRHP, Delhivery will spend around Rs 2,500 crore to fund organic growth initiatives and Rs 1,250 crore to fund inorganic growth through acquisitions and other strategic initiatives.

Ola reports first operating profit ahead of potential IPO

Ola, which is backed by Japan’s Softbank Group, has recorded its first-ever operating profit since it was founded a decade ago, company documents showed.

The company reported a standalone operating profit or earnings before interest, tax, depreciation and amortization (Ebitda) of Rs 89.82 crore for FY21, versus a loss of Rs 610 crore in the previous fiscal.

Rise & Shine | ola
Ola CEO Bhavish Aggarwal

Ola is exploring a public offering early next year, aiming to raise at least $1.5-2 billion at a valuation of $12-14 billion. It plans to raise half this sum by issuing fresh shares and half through an offer for sale (OFS), in which a few early backers will sell some or all their shares.

Ola, has a majority share of India’s ride-hailing market, where it competes with Uber. It also has a growing presence in several global markets such as Australia and the UK.

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Coinbase acquires Agara to further India push

Coinbase Global, the largest cryptocurrency exchange in the US, has acquired Agara, an artificial intelligence-powered support platform, to further its India push.

The Nasdaq-listed firm plans to leverage the platform’s deep learning and conversational AI technology to automate and enhance its customer experience tools.

Rise & Shine | coinbase

“The acquisition reinforces our commitment to delivering world-class support for customers, and brings Agara’s deep expertise in machine learning and natural language processing to Coinbase’s engineering team,” Manish Gupta, executive vice president (engineering) at Coinbase Global, said.

In July, Brian Armstrong, co-founder and CEO, announced that the company was building an office and setting up a team in India.

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